A BIDV office. The bank has been recognised for meeting the requirement of minimum capital adequacy ratio (CAR) set by Basel II. — Photo vietnambiz.vn

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has become the 16th Vietnamese bank to meet the minimum capital adequacy ratio set by Basel II standards.

Another 15 banks including Vietcombank, TPBank, Asia Commercial Bank (ACB), Techcombank and Military Bank (MB). Two foreign-invested banks having met Basel II standards are Shinhan Bank and Standard Chartered Viet Nam.

Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent.

BIDV in early November completed the biggest deal in the Vietnamese banking sector after selling 603.3 million shares to the South Korean bank KEB Hana to raise its charter capital by VND20.3 trillion (US$876 million) to VND40.22 trillion.

The State Bank of Viet Nam (SBV) in 2016 set a deadline of January 1, 2020 for 17 banks to meet Basel II norms under a national banking sector development strategy.

All banks nationwide will have to adopt Basel II by 2025 and then switch to the advanced version.

In 2015-19, BIDV has implemented projects to help improve its risk management and the quality of audit in accordance with Basel II standards. — VNS